On 01 March 2017, Seward & Kissel published a memorandum noting the DOL’s proposal to extend the date of the Fiduciary Rule by 60 days, from 10 April 2017 to 09 June 2017. The Fiduciary Rule defines who is a "fiduciary" under the Employee Retirement Income Security Act (ERISA).
The proposal to extend the date has a 15 day comment period.
The memorandum also notes that the DOL is reviewing the Fiduciary Rule along with related prohibited transaction exemptions (PTEs) to address questions of law and policy. The DOL has put forward 20 questions on which it specifically invites comments.
This proposal has a 45 day comment period.
For more information contact an attorney at Seward & Kissel, Richard Perry or Devarshi Saksena.
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